Letters to the Editor

Those who favor Trump’s economic plan are delusional

Republican presidential candidate Donald Trump waves Monday as he leaves the stage during the Republican National Convention on July 18, 2016, in Cleveland.
Republican presidential candidate Donald Trump waves Monday as he leaves the stage during the Republican National Convention on July 18, 2016, in Cleveland. Associated Press

In recent weeks, the Republican majority in the House of Representatives has voted against regulation of payday lenders who rip off poor people, against requiring publicly held firms to disclose donations made to lobbying groups, against requiring investment advisers to place the interests of their customers above their own interests and against legislation that would rein in the use of mandatory arbitration clauses that emasculate the rights of consumers.

Over the past several years, they have substantially reduced the IRS budget, forcing it to cut back on audits of high-income earners.

In addition, the tax proposals by both Donald Trump and House Speaker Paul Ryan are heavily skewed toward favoring the rich by eliminating the estate tax (which applies to only about 3,500 families per year), ending a surtax on high-earner investment income and, in general, making the income tax less progressive.

The Trump plan would save the highest 1 percent of earners an average of $275,000 (17.5 percent of income) and only $2,700 (4.9 percent) for those in the middle-income bracket. And it would reduce government revenue by $9.5 trillion over 10 years, causing our spending deficit to skyrocket.

Those who think the Republicans and Trump will help the middle class are delusional.

Jay Devore, Los Osos

  Comments